What is the new trade corridor project connecting India, America and the Middle East?

Dr Abdul Waheed Mastoi
Indian Prime Minister Narendra Modi on Saturday announced the ‘India-Middle East-Europe Economic Corridor’ along with the leaders of the US, Saudi Arabia and European countries during the G20 summit in Delhi, which is a historic agreement by world leaders including India.
US President Joe Biden has called it a deal that will bring prosperity to the Middle East.
“This is a big deal in itself that will bring more prosperity, stability and harmony to the Middle East by connecting the ports of the two continents,” he said.
European Commission President Ursula van der Leyen said it would be “the most direct way to speed up trade so far.
The project aims to connect India, the Middle East and Europe through a rail and port network.
Under this project, countries located in the Middle East will be connected through a rail network, after which they will be connected to India by sea. This network will then be connected to Europe.
US Deputy National Security Adviser John Feiner tried to explain the importance of this project while talking to the media.
He said: “This is not just a rail project. It is a shipping and rail project. It is very important for people to understand how expensive, daring and unprecedented this project will be.
He also said that this agreement will benefit low and middle income countries. This will help the Middle East to play an important role in global trade.
This agreement between India, Middle East and European countries is basically an infrastructure project.
Everything from ports to rail networks is to be built under it. The rail network in India and Europe is very extensive.
But if we look at the Middle East, the rail network is not that big, so freight is mainly transported by road or sea.
If the railway network is laid, the transportation of goods from one corner of the Middle East to another is likely to be easier.
The project could also provide a new shipping route for global trade as currently goods from India or neighboring countries reach the Mediterranean through the Suez Canal. After that it reaches European countries.
Along with this, the goods going to the countries located in the American continent also enter the Atlantic Ocean through the Mediterranean Sea, after which it reaches the United States, Canada or Latin American countries.
Parmeet Paul Chowdhury, South Asia specialist at Eurasia Group, says: “Currently, containers bound for Europe from Mumbai reach Europe via the Suez Canal. In the future, these containers can go by train from Dubai to Israel’s Haifa port. After that we can reach Europe saving a lot of time and money.
Currently, 10 percent of international trade depends on the Suez Canal. Even a small problem here becomes a big challenge for international trade.
In the year 2021, a huge cargo ship ‘Ever Given’ was stranded on the banks of the Suez Canal.
The incident created a crisis for international trade, causing a one-week delay in the movement of goods from the region.
According to the news agency AFP, the deal will also include the laying of an undersea cable that will connect the areas and thus speed up telecommunications and data transfer.
Under this agreement, arrangements will be made for the production and transportation of green hydrogen.
International trade expert Dr. Prabir Dey believes that this agreement can be considered positive as it will provide a new trade route to the world.
Dr Day says: ‘Broadly speaking, this agreement will provide the world with a new trade route. This will reduce our dependence on the Suez Canal route. In such a case, if any problem ever arises on this route, it will not pose any threat to international trade. Because an alternative route will be available.
Also, there are no railway lines in Saudi Arabia and the Middle East through which we can help them. With the development of this route, it will become easier for us to bring oil from the Middle East.
International relations expert and JNU professor Dr. Soran Singh considers it a positive agreement for the Middle East as well.